Insurance group signs 7,500 sq. ft. lease at Berger building in Newark

January 11, 2018

570 Broad St. in Newark — Courtesy: Berger Organization

By Joshua Burd

An insurance industry trade group is relocating within downtown Newark after leasing 7,500 square feet from the Berger Organization.

The New Jersey Insurance Underwriting Association has signed a seven-year commitment at Berger’s 570 Broad St., the property owner said Wednesday. Demolition is now underway for the space, which will comprise half a floor in the 200,000-square-foot building and is set to be available by early summer.

NJIUA’s lease also includes options at the 15-story office tower. The organization, which was created by the state Legislature in 1968 to provide essential property insurance to any person unable to obtain insurance from a voluntary company, is relocating from 744 Broad St. after more than 30 years in the building.

Richard Charles of CBRE brokered the transaction in conjunction with Brendan Berger of the Berger Organization.

“NJIUA has been an established presence in the neighborhood for decades, and it was important to the team there to find space close by, that offered the flexibility they sought,” Berger said. “We are looking forward to working with Steven Mutterperl, President of the Association, and his team, to develop an exciting new space at 570 Broad.

“I think they will be very happy with the change.”

The association’s future space is directly across the street from the Broad Street light rail stop, which goes to Newark Penn Station and is within walking distance of Newark’s top cultural attractions.

Joshua Burd, an award-winning reporter and editor, has been covering New Jersey commercial real estate for five years. Many industry leaders view him as the go-to real estate reporter in the state, a role he is eager to continue as the editor of Real Estate NJ. He is a lifelong New Jersey resident who has spent a decade covering the great Garden State.